With more than two decades of experience in the home mortgage industry, Diego Calderon co-founded Washington Home Mortgage, a company based in the Bethesda, Maryland, area. Committed to his clients, Diego Calderon works closely with his staff and mortgage loan originators to ensure timely and accurate closings for loans. He has a particular interest in helping first-time home buyers with mortgage loans.
If you are considering buying your first home, here are a few tips you can use to help you do so.
1. In order to calculate how much home you can afford, you will need to compare your debts, income, and the size of your down payment. Some lenders prefer a large down payment of around 20 percent for a conventional loan, but there are a variety of options to consider.
2. Once you have decided how much house you can afford to purchase, you should start the process of putting money away for your down payment and closing costs. If you can put away 20 percent for a down payment, it will serve you well in the long run. On average, closing costs will total between 3 and 4 percent of the purchase price of your house, so you should aim to have at least that much earmarked for closing costs.
3. Have your preapproval in hand. Once you have the down payment ready to go, it’s time to find a mortgage lender. Take the extra time to get preapproval for the amount you plan to spend, and bring a preapproval letter with you when looking at homes. This will show sellers that you are a serious buyer, and help you to be more competitive when searching for your new home.
If you are considering buying your first home, here are a few tips you can use to help you do so.
1. In order to calculate how much home you can afford, you will need to compare your debts, income, and the size of your down payment. Some lenders prefer a large down payment of around 20 percent for a conventional loan, but there are a variety of options to consider.
2. Once you have decided how much house you can afford to purchase, you should start the process of putting money away for your down payment and closing costs. If you can put away 20 percent for a down payment, it will serve you well in the long run. On average, closing costs will total between 3 and 4 percent of the purchase price of your house, so you should aim to have at least that much earmarked for closing costs.
3. Have your preapproval in hand. Once you have the down payment ready to go, it’s time to find a mortgage lender. Take the extra time to get preapproval for the amount you plan to spend, and bring a preapproval letter with you when looking at homes. This will show sellers that you are a serious buyer, and help you to be more competitive when searching for your new home.
